Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition) : • 41 units at $92• 74 units at $72• 170 units at $55Sales for the year totaled 271 units, leaving 14 units on hand at the end of the year. Ending inventory using the FIFO method is:

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Business

Camron Gaines

7 January, 04:18

Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition) : • 41 units at $92• 74 units at $72• 170 units at $55Sales for the year totaled 271 units, leaving 14 units on hand at the end of the year. Ending inventory using the FIFO method is:

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Answers (1)

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Kaya · Answer 1

Inventory = $770

Explanation:

Giving the following information:

Purchases:

• 41 units at $92

• 74 units at $72

• 170 units at $55

Sales for the year totaled 271 units, leaving 14 units on hand at the end of the year.

We need to use FIFO (first in, first out) inventory method:

Inventory = 14 units * $55 = $770